THIS QUESTION IS BROKEN DOWN INTO THREE PARTS BECAUSE IT IS VERY LONG QUESTION

PART A

You are appraising a singlefamily residence located in the Belle Harbor neighborhood 177 Beach 132nd Street. The property is located on the "beach block" of the local neighborhood, meaning that the beach is at the south (ocean) end of the street. A local bank has approved the borrower for a loan and you have been asked by the bank to appraise the property. Dozen s of potential comparable sales were initially identified .Of those, three were very similar to the subject in their transactional, physical and locational characteristics and you decided to base your analysis on thesethreeproperties.

You summarized your findings regarding the three comparable properties on the attached matrix. All all three cases the comparable properties were sold on a feesimple absolute basis, as is the subject property. Conventional mortgagefinancingisavailableandalltransactionsweredoneatarm'slength.Yourconclusionisthatnoadjustments need to be made to the sale prices of the comparable properties for the type of property rights conveyed, financing terms, or conditions of sale. However, two of the properties had residual damage from the 2012 hurricane and resulting flooding, requiring the buyer of one property tospend$85,000immediatelyafterclosingandtheotherbuyer tospend$95,000.Similardamagetothesubjectpropertyhasalreadybeenrepaired.